Forexpros.com Daily Analysis - 17/06/2009

by ForexAnalysis Wed Jun 17, 2009 12:15 pm

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[You must be registered and logged in to see this link.] Pulls Off Lows

The pair pull off the early lows set yesterday. The 1.3750 level held on the downside but the 1.3935 area also held on the upside.

The break down earlier in the week has yet to be confirmed. The levels mentioned above are now pivotal.

Support is at 1.3800 and 1.3750 and beyond that 1.3700.

Resistance is expected at 1.3925, 1.3960, 1.4000, 1.4030.

[You must be registered and logged in to see this link.] Breakout Confirmed

Yesterday the pair rallied to retest the old support levels. These levels, now resistance levels, held off USD buyers and the rate fell to new short-term lows. This confirms the break downwards and put the bias down once again.

Rallies can still occur with resistance at 97.00 and 97.30. A move higher than this today is unexpected unless news out of the US at 1230 GMT comes in with a big surprise.

Mild support is at 96.40 and 96.20. 96.00 and 95.60 offer more solid support.

Analysis by: [You must be registered and logged in to see this link.] - Written by Cory Mitchell

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